Retail and corporate lending speeds up notably in July
The rise in unsecured consumer lending also accelerated significantly, namely from +0.2% in June to +0.7% in July, and might edge up even more in the next few months. Furthermore, banks considerably expanded their corporate loan portfolio (+1.2%), with the trend towards its dedollarisation remaining.
Banks had no difficulties with the funding of credit growth. The inflow of clients’ funds was up: legal entities’ funds increased by 1.5%, and households’ funds — by 0.5%. People mostly placed their funds in current accounts, which was predictable considering the decline in deposit rates and the maturing of ‘expensive’ April deposits.
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